Washington: A House panel on Wednesday moved to cut the foreign aid budget by some 9 percent, targeting economic aid and contributions to the United Nations and the World Bank. Despite the cuts, the legislation won bipartisan backing from the Appropriations foreign aid panel, though it's sure to draw a White House veto threat because it's in line with a broader GOP spending plan that breaks faith with last summer's...
07:21 PM, May 10, 2012
Mailan: World food prices are expected to ease in April after three months of rises due to falls in some grain prices, but inflation worries are still simmering as soybean and rice prices climb - fanning fears of hunger and social unrest in poor countries. Record high food prices in February 2011 contributed to protests connected to the Arab Spring uprisings in the Middle East and North Africa last year....
05:02 AM, May 03, 2012
Washington: Finance Minister Pranab Mukherjee said on Sunday it will be wrong to conclude that BRICS economies have set up conditions for their financial contributions to the IMF, but pointed out that a number of countries were yet to approve the quota reform being demanded by the grouping. Mukherjee said practical problems were the reason why Brazil, Russia, India, China and South Africa (BRICS) group could not announce a contribution...
10:24 PM, Apr 22, 2012
Washington: The Group of 20 nations on Friday stood ready to commit at least $400 billion to bulk up the International Monetary Fund, though Brazil wants to tie the cash to a pledge that emerging market voting power at the IMF will increase. The IMF has been aiming to raise at least $ 400 billion - a doubling of its lending capacity - to ensure it has enough firepower to...
09:14 PM, Apr 20, 2012
Washington: The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries questioning the selection process. Kim, 52, won the job over Nigeria's widely respected finance minister, Ngozi Okonjo-Iweala, with the support of Washington's allies in Western Europe, Japan, Canada and some emerging market economies, including Russia, Mexico and South Korea. Unlike previous World...
11:06 PM, Apr 16, 2012
Beijing: World Bank has projected the Chinese economy to grow at 8.2 per cent this year, a notch lower than the Asian Development Bank prediction of 8.5 per cent. China's GDP which grew at 9.2 per cent in 2011 is expected to expand at 8.2 per cent in 2012 and 8.6 per cent in 2013 as domestic demand will continue to boost the world's second-largest economy amid weak external demand,...
12:37 PM, Apr 12, 2012
Beijing: Outgoing World Bank President Robert Zoellick on Tuesday said he would back the proposed BRICS bank desired by the five member grouping for various reasons including large infrastructure demand by India. The bank chief said he favoured his organisation working with such a lending agency as with any other development bank. Answering questions at the Boao Forum for Asia in China's Hainan province on the plans of BRICS countrie...
01:01 AM, Apr 04, 2012
New Delhi: A World Bank report has indicated 'fraudulent and corrupt practices' in highway projects funded by the bank in India. In its report dated March 1, 2012, the bank states that private Indian contractors paid bribes, gifts and gold coins to influence officials and National Highways Authority of India (NHAI) consultants. The malpractices are to the tune of over Rs 70 crore according to the World Bank's estimates. The...
11:03 AM, Apr 03, 2012
Tokyo: Japan will support Jim Yong Kim, the US nominee for the next World Bank head, Japanese Finance Minister Jun Azumi said on Sunday after meeting the candidate who is in Tokyo on his world tour to seek support for the candidacy. Kim, a Korean-American, will be contesting against two nominees from emerging market countries - Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo -...
05:38 AM, Apr 02, 2012
New Delhi: Batting for Finance Minister Pranab Mukherjee's proposal to tax Vodafone type deals, the World Bank president Robert Zoellick on Friday said that India wants the company should pay tax at some place and investors must give some time to the Government to explain the details. "The Indian Government is sensitive that they want to have an environment that draw both domestic and foreign investment and so I hope...
09:45 PM, Mar 30, 2012
New Delhi: Lauding India for managing to reduce poverty, World Bank President Robert Zoellick on Friday said that controversy over poverty line of Rs 28.65 daily consumption was "overdone". "I have to tell you frankly that I think, it has been overdone," he said when asked about his views on the Planning Commission latest poverty estimates which received widespread criticism within and outside Parliament. The good news, Zoellick said, is...
07:46 PM, Mar 30, 2012
New Delhi: The five-nation BRICS group of emerging economies, representing almost 43 per cent of the world's population, on Thursday welcomed the candidatures of developing countries for the World Bank presidency, demanding that the selection should be through an "open and merit-based process". "We welcome the candidatures from developing world for the position of the president of the World Bank. We reiterate that the heads of IMF and World Bank...
02:49 AM, Mar 30, 2012
World Bank President Robert Zoellick has said that global economy is on the path to recovery. ...
08:47 AM, Mar 29, 2012
Bhubaneswar: Pledging to step up financial support for Odisha's sustainable development, World Bank on Wednesday hailed the state for achieving fiscal stability and poverty reduction. In view of the needs to pursue sustainable and inclusive development, knowledge and financial support for Odisha would be stepped up, World Bank President Robert B Zoellick said in Bhubaneswar. Zoellick, who met Chief Minister Naveen Patnaik, with his discussions focused on how the World...
01:43 AM, Mar 29, 2012
Washington: The World Bank has approved a $109 million funding for the Rajasthan Agricultural Competitiveness Project in India to enhance agricultural productivity through sustainable and efficient use of water resources. The project is expected to increase agricultural productivity and farmer incomes through efficient water management, crop management, improved agricultural technology, farmer organizations and market innovations in some 20 selected areas in Rajasthan. The initiative will benefit some 155,000 smallholder farmers,...
09:37 AM, Mar 28, 2012
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